The advance in technology is proving to be a bliss for the healthcare industry, specially for those diseases, which are in intermediary stage. Mild Cognitive Impairment (MCI) is one such condition, which is said to be the ‘in-between’ stage before onset of Alzheimer’s Disease or Dementia. People diagnosed with MCI face mild level of memory loss. They can carry on with normal routine activities but with little support and monitoring of health. Korean company ‘Made in Lab’ has developed a device using SW&HW convergence technology to help people diagnosed with MCI.
Compact device to check mental health
A compact device called ‘Care-Giver’ provides AI cognitive training content, which has music and motion signals. With the device people with MCI can check the status and exercise content at anytime, anywhere. The user’s life data is logged and the device provides personalised content service as per requirement.
Mild Cognitive Impairment has affected 30 million people
and the number is expected to double in next 20 years’ time.
Among the senior citizens who have MCI, 15 % cases develop to dementia every year. There is a need to check the progression of the condition and devices to evaluate person’s everyday mental functioning. The ‘Care-Giver’ can play a significant role in this regards. The software part can track user’s movement, detect face & gestures, has a flexible interface and is available in English, Korean and Chinese languages. The hardware and mechanic part has clear display, audio, camera, mic, touch sensors and can be operated using Wi-Fi, Ethernet.
Made in Lab’s affordable venture
There are many similar devices or social robots in the market, which work on similar principles, but the one developed by Made in Lab has been kept at a very affordable price range of $300 to 400. Made in Lab’s business model is based on providing the device on rental basis and providing paid content services. The company estimates its revenue to cross $5 million by 2022. The company wants to enter in partnerships with medical centres and get in to experiential marketing campaigns.
Made in Lab was launched in May 2018. The founding team has a vast experience in the field of SW/HW convergence technology. The company was selected for TIPS (Tech Incubator Program for Start-ups in Korea) start-up in September 2018 and received R&D funding from the government. The company has also got funding from Commax Venturus.
Made in Lab’s innovation in the healthcare sector is definitely going to help many people while creating substantial business for the start-up.